Fred Schmidt Jr. - Blog

News Alert from the National Association of REALTORS!!

Fred Schmidt — Thu, 05 Nov 2009 22:27:11 GMT

Congress Votes for Home Buyer Tax Credit Expansion

As of today – Thursday November 5 – Congress has passed a bill that includes an amendment

to extend and expand the homebuyer tax credit. This bill will be sent to President Obama for

his signature. The National Association of REALTORS® (NAR) has created a side by side

comparison of the homebuyer tax credit changes along with Frequently Asked Questions

about the anticipated new law.

Download NAR Issues Brief (right click, Save As to Desktop)
Download Frequently Asked Questions (right click, Save As to Desktop)
Learn more on REALTOR.org

This is a major victory for consumers, REALTORS® and the housing market. We applaud

NAR along with the Michigan public policy team and our federal political coordinators (FPC).

To view these liaisons from Michigan, click here.

Michigan Association of REALTORS
http://www.mirealtors.com/
720 N. Washington Ave
Lansing, MI 48906
USA
800-454-7842 800-454-7842

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Bank of America implements Short Sale Platform!

Fred Schmidt — Tue, 03 Nov 2009 09:57:49 GMT

BofA Implements Equator (REOTrans) Platform, as Short Sales Gain Ground

10/22/2009 By: Carrie Bay, reporter for DS News

California-based Equator (formerly known as REOTrans) says it has launched the industry's first-ever short sale module for a large national lender.

Although Equator declined to name the lender, the San Francisco Chronicle has reported that Bank of America is the company in question. A representative from BofA recently told the paper that they were using the Equator platform to manage the short sale process. "This is the first time that short sales have been handled through an electronic platform," said Equator CEO Chris Saitta. "With our new system, everyone works together in real time, dramatically improving communication and approval timelines for our client, its borrowers, vendors, and real estate agents."

Short sales, in which a lender and borrower reach an agreement to dispose of a property threatened by foreclosure at a price that is "short" of the amount owed on the mortgage, have become more popular among lenders lately as a viable method for dealing with distressed properties. According to Equator, the number of successful short sales has increased spectacularly across the country in the wake of the foreclosure crisis.

Kevin Kieffer, a Realtor in Danville, California, told the Chronicle, "A year ago I wouldn't touch a short sale. It would be random prices banks wouldn't agree to, you would be tied up six months hoping to get a property sold. But now we're seeing banks up front negotiating prices and giving us criteria. They're getting creative to make things move."

Equator says the keys to a successful short sale are accessibility, responsiveness, communication, and fulfillment. By adopting its short sale platform, the company says large lenders, such as the unnamed Bank of America, can ensure troubled borrowers have 24/7 access to a portal through which they can provide the necessary information to process a short sale and receive real-time status updates electronically.

"Short sales can be a daunting, complicated, frustrating task for everyone involved," Saitta said. "This fresh approach using our sophisticated platform makes it fast and efficient for all parties involved."

Equator's short sale module also automates decisioning for the lender, handles approvals for faster turnaround, provides quick fulfillment, and assures full compliance with government programs, Saitta said.

http://www.mortgageorb.com/e107_plugins/content/content.php?content.4561
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/10/20/BUOG1A5M2P.DTL

http://www.bayareainvestmentrealestate.com/2009/10/reotrans-now-handling-short-sales.html

Will the $8000 Tax Credit be extended?

Fred Schmidt — Mon, 26 Oct 2009 15:56:05 GMT

Passed by the House early in October was a bill extending the $8,000 home buyer tax credit next year for military, diplomatic and intelligence personnel serving overseas. This increases the likelihood that Congress will write an extension of the $8000 tax credit program into 2010 but of course there is no guarantee. Hopefully, lawmakers appreciate the tax credit program, currently slated to expire November 30, as a critical component in "saving and creating" jobs. The $8,000 tax credit for first-time homebuyers is scheduled to expire on December 1, 2009. However, in order to qualify, the transaction must be closed on or before November 30th, essentially leaving first-time buyers with less than 35 days to complete the process. At this point, this assumes a "Chinese Fire Drill" approach in order to take advantage of this program if you haven't already began the process. While the urgency of trying to find and close on a home before the deadline may seem stressful, it doesn't have to be, unless you want it to be a... "Chinese Fire Drill". “Yes, the tax credit is encouraging first-time homebuyers, but we’re concerned that people could miss out on this unique money-saving opportunity if they haven't anticipated the time necessary for closing,” said Coldwell Banker Schmidt Realtors General Manager Tom Gray. “While every home purchase is a unique experience, we are encouraging first-time homebuyers to be under contract within the next few days in order to participate in this "soon to not likely be extended"... Chinese Fire Drill.” Please assume your positions.

Traverse City MI Foreclosure Homes

Fred Schmidt — Sat, 26 Sep 2009 21:23:47 GMT

So the big question is how many foreclosure homes closed in May 2009 in Traverse City? 26 homes out of 88 were tagged as foreclosure or bank owned in Traverse City for May 2009. That represents about 29%. The better news is right now if you complete a search for foreclosure and bank owned homes in Grand Traverse County, there were only 74 such homes available as of June 12, 2009. That means that there is less than a 3 month supply of foreclosure/bank owned homes on the market today in Traverse City Michigan. With the number of foreclosures starting to perhaps taper off, there could be a chance that prices may begin to climb again in the near future. Please see below the diverse mix of foreclosures in Traverse City Mi:

MLS #	Ask Price	Status	Address	City	Zip	#BR	#BA	Apx Abv Grd Finished SQFT	Days On Market
1701847	$31,000	SLD	3405 N FOUR MILE RD	Traverse City	49686	3	1	1540	46
1700256	$44,900	SLD	2514 E M-113	Kingsley	49649	3	1.5	1056	105
1699778	$64,900	SLD	10235 US-31 S	Interlochen	49643	2	1	972	130
1700642	$70,000	SLD	1250 BASS LAKE RD	Traverse City	49684	3	2	1620	101
1699208	$74,900	SLD	4704 N MANOR WOOD DR	Traverse City	49684	4	2	864	161
1698455	$69,900	SLD	3628 EMILY LN	Traverse City	49686	2	1.5	1152	171
1701043	$77,900	SLD	8985 HARVEST LN	Buckley	49620	3	1.5	1100	76
1701092	$83,000	SLD	1701 WOODWARD AVE	Traverse City	49686	3	1.5	1000	64
1701696	$79,900	SLD	1589 INNWOOD NORTH	Interlochen	49643	3	1	810	64
1698458	$84,900	SLD	8613 SUMMIT CITY RD	Kingsley	49649	4	1	1512	172
1700153	$99,900	SLD	6435 APPLEWOOD LN	Williamsburg	49690	3	1.5	1700	143
1699873	$94,900	SLD	2081 SPARLING RD	Kingsley	49649	3	1	1052	123
1699609	$99,900	SLD	4147 HARRAND RD	Kingsley	49649	3	2	1266	161
1703526	$97,000	SLD	2154 GROUSE DR	Traverse City	49684	3	2	1176	14
1702077	$95,000	SLD	2096 POTTER RD	Traverse City	49686	2	2	864	48
1701202	$99,900	SLD	18978 TRAVERSE ST	Traverse City	49686	2	2.75	1456	77
1698047	$101,500	SLD	7310 FOREST LODGE RD	Traverse City	49684	3	2	1824	209
1699610	$114,900	SLD	2879 N OLD FARM LN	Traverse City	49684	4	2	1692	145
1700152	$124,900	SLD	3188 NIMROD RD	Traverse City	49684	4	2.5	1100	118
1701378	$127,900	SLD	2178 ARTHUR CT	Traverse City	49684	3	2	1152	83
1701846	$149,900	SLD	2141 BLACK FOREST LN	Traverse City	49686	3	1.5	1000	62
1692939	$132,250	SLD	7655 HAMPTON CIRCLE	Grawn	49637	4	2	1999	365
1701520	$149,900	SLD	1278 TERRACE BLUFF DR	Traverse City	49686	2	2	1212	70
1694131	$179,900	SLD	4566 DEEP WOODS DR	Traverse City	49684	2	2	1660	316
1699706	$199,900	SLD	6733 MATHISON RD	Traverse City	49686	4	3.5	2900	147
1693242	$279,900	SLD	377 HOMESTEAD LN	Traverse City	49686	3	3.5	1879	344